Great Britain, Turkey, Switzerland and Norway continue to raise interest rates

Various central banks around the world have been raising interest rates in the fight against inflation. Monetary officials around Bank of England Governor Andrew Bailey raised the key monetary policy rate by half a point to 5.0 percent on Thursday. This is the 13th consecutive move up the interest rate ladder. The central bank has been trying to control dangerously high inflation in the island for the past year and a half. With moderate success: the inflation rate is 8.7 percent, the highest among the major Western industrialized nations.

Turkey itself

The Turkish central bank has increased the key interest rate by a large margin from 8.5 to 15.0 percent. This was announced by the new Chairman of the Central Bank, Hafiz Gaye Ergan. A change in Turkey. President Recep Tayyip Erdogan has previously described himself as an “enemy of interests” but signaled a shift in his controversial monetary and fiscal policy when he was re-elected a few weeks ago.

Switzerland

The Swiss National Bank (SNB) raised the SNB key interest rate by 0.25 percent to 1.75 percent. This is the fifth rate hike in a row. Exactly one year ago, the SNB tightened interest rates by half a percentage point for the first time in fifteen years.

Norway

Norway’s central bank is also tightening interest rates. Monetary authorities in Oslo on Thursday raised the key monetary policy rate by 0.5 percentage points to 3.75 percent. At the same time, the central bank signaled that interest rates could rise further in August. “If we don’t raise the key interest rate, inflation will be fixed,” said central bank president Ida Voldenbach.